Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 707.410

  (1)   To avoid doubt, if the * head company of a * consolidated group makes a loss of a particular * sort and an entity ceases to be a * subsidiary member of the group, the entity is not taken because of section   701 - 40 (the exit history rule):

  (a)   to have made the loss; or

  (b)   to have made another loss of the same sort because of the circumstances that caused the head company to make the loss.

  (2)   It does not matter whether the * head company makes the loss because of a transfer under Subdivision   707 - A (whether from the entity or another entity) or because of another provision.